| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| - | - | - |
Avenue Investment Management's Q1 2026 letter addresses three major market themes shaping 2026: the U.S.-Iran war, AI disruption in software, and private credit distress. The ongoing conflict has severely disrupted global oil supply through the Strait of Hormuz, affecting 20% of global oil flows and driving energy prices higher. AI proliferation threatens existing software business models, contributing to a 20% decline in the S&P 500 software sector during Q1. Meanwhile, the private credit sector faces growing redemption pressures and liquidity constraints. Avenue's quality-focused investment approach has performed well, benefiting from holdings like Canadian Natural Resources, which profits from higher oil prices due to its low-cost structure, and Murphy's gas stations, which provide value to customers during rising fuel costs. The firm maintains minimal technology exposure due to AI uncertainty but is researching emerging opportunities. Avenue expects continued geopolitical volatility to create additional investment opportunities while relying on their quality-focused methodology to navigate market uncertainty.
Avenue focuses on owning high-quality businesses with inherent stability and consistent profitability that can withstand geopolitical uncertainty and market volatility.
Avenue expects the current geopolitical turmoil to continue providing investment opportunities through the balance of 2026, while maintaining focus on quality investments that can withstand market uncertainty.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 16 2026 | 2026 Q1 | CNQ, MUSA | AI, energy, geopolitics, Iran, oil, private credit, Quality, technology | - | Avenue navigates 2026's geopolitical turmoil by focusing on quality investments. The U.S.-Iran war disrupts global oil supply, benefiting holdings like Canadian Natural Resources. AI threatens software models while private credit faces redemption stress. Avenue's quality approach emphasizes businesses with stable profitability that can withstand uncertainty, positioning for opportunities emerging from current market volatility. |
| Feb 5 2026 | 2025 Q4 | CAT, TIH.TO | AI, Canada, Defense Spending, energy, infrastructure, National Capitalism, tariffs, technology | TIH CN | Canada's tariff-induced policy awakening is driving massive defense and infrastructure spending increases, creating opportunities for quality industrials like Toromont Industries. However, extreme US market valuations at 30x earnings, record leverage, and the unsustainable AI capital boom present significant risks. The global shift toward National Capitalism offers selective opportunities while threatening market-based economic principles. |
| Oct 16 2025 | 2025 Q3 | OR.TO, WPM.TO | Canada, Central Banks, Debt, gold, inflation, Mining, royalties |
OR WPM |
Avenue capitalizes on gold's historic 50% surge to $4,000 per ounce through strategic positions in royalty companies Osisko and Wheaton. Unsustainable government debt levels and central bank accumulation following geopolitical tensions drive structural tailwinds. The firm expects continued outperformance as inflationary policies become the political path of least resistance for addressing mounting debt burdens globally. |
| Jul 23 2025 | 2025 Q2 | BCE.TO, CSU.TO | Canada, inflation, Quality, software, technology, Telecommunications |
CSU.TO BCE.TO |
Avenue Investment Management demonstrates how inflation impacts businesses differently by comparing Constellation Software's superior asset-light model against BCE's struggling asset-heavy telecommunications business. Constellation doubled profits with minimal capital needs while BCE cut dividends 50% after unsustainable cash flow deficits. The manager emphasizes investing in quality businesses with superior economics that can weather inflationary pressures and compound returns long-term. |
| Apr 15 2025 | 2025 Q1 | BJ, TFII | Logistics, profitability, Quality, retail, stability, value |
BJ TFII.TO |
Avenue Investment Management emphasizes quality investing in stable, consistently profitable businesses with strong competitive advantages. Their successful BJ's Wholesale Club investment demonstrates their approach, while selling TFI International after disappointing trucking earnings shows their discipline in correcting mistakes quickly. The firm continues seeking quality opportunities that can compound returns over the long term. |
| Jan 27 2025 | 2024 Q4 | - | China, inflation, Quality, tariffs, Trade Policy, Valuations | - | Avenue Investment Management navigates extreme market valuations and escalating U.S.-China trade tensions through quality investing focused on profitable businesses with strong capital returns. While acknowledging record-high market euphoria and systemic risks from potential tariff wars, the firm maintains confidence in their concentrated holdings and expects minimal portfolio turnover despite considerable political and economic uncertainty ahead. |
| Oct 18 2024 | 2024 Q3 | AZO | AutoZone, capital, Investing, Quality, returns, valuation | AZO | Avenue Investment Management practices quality investing, focusing on companies with high returns on capital and strong reinvestment capabilities rather than multiples-based pricing. AutoZone exemplifies their approach, generating $15.8 billion in profits over four years since their 2020 purchase, with consistent returns on capital demonstrating the sustainable competitive advantages they seek in portfolio companies. |
| Jul 15 2024 | 2024 Q2 | WIRE | AI, capital flows, China, Global Trade, tariffs, Trade Policy, US Markets | WIRE | Global trade imbalances have created unsustainable capital flows into US markets, driving valuations to 1929-like extremes. Escalating trade wars signal the end of globalization. The portfolio benefited from US infrastructure spending but the manager is increasingly cautious given dangerous market concentration and bubble dynamics in AI and semiconductors. |
| Apr 15 2024 | 2024 Q1 | - | 1970s, fiscal policy, Government Spending, inflation, monetary policy, Quality, rates | - | Avenue expects prolonged higher inflation and interest rates driven by persistent government fiscal spending. They position in high-quality businesses with pricing power, low capital needs, and strong returns on capital. Drawing parallels to the 1970s, they believe current fiscal policies create lasting inflationary pressures requiring careful business selection for investment success. |
| Jan 15 2024 | 2023 Q4 | - | Canada, inflation, Investment Philosophy, Long Term, Quality, rates | - | Avenue Investment Management marks 20 years by reinforcing its quality-focused investment philosophy as the best inflation protection. With markets showing exuberance over expected 2024 rate cuts, the firm notes historical precedent where cutting cycles marked equity tops. Avenue maintains conviction in owning consistently profitable, high-return businesses at fair prices regardless of market conditions. |
| Oct 16 2023 | 2023 Q3 | AAPL, ATKR, CNQ.TO, CSU.TO, EME, ENB.TO, META, MSFT, MUSA | Canada, Defensive, rates, Recession, value, volatility | - | Avenue maintains defensive positioning with cash earning 5% while waiting for recession to create reinvestment opportunities. Portfolio trades at 15x earnings versus big tech at 40x, with strong performance from industrial names like EMCOR and Atkore. Manager expects return to higher volatility environment and sees positive real rates as catalyst for lower asset prices. |
| Jul 18 2023 | 2023 Q2 | AAPL, BIP.TO, EMA.TO, ENB.TO | Canada, credit, dividends, Quality, rates, technology, Valuations |
AAPL ENB.TO |
Avenue maintains quality investing focus amid market extremes, avoiding expensive big tech while reducing traditional dividend exposure due to rate pressures. Portfolio holds 12 profitable US businesses at 15x earnings versus S&P top 10 at 40x. Higher cash in T-Bills awaiting opportunities. Bond portfolio positioned for credit stress and rate benefits. |
| Apr 14 2023 | 2023 Q1 | AHG.TO, NA.TO, TD.TO | Banking, Canada, credit, financials, liquidity, rates, Recession | - | Avenue Investment maintains defensive positioning amid banking stress and competing monetary forces. Reduced exposure to rate-sensitive sectors while finding opportunities in essential businesses at reasonable valuations. Expects gradual economic slowing from credit tightening but continued fiscal stimulus prevents major market declines. Focus on quality companies with stable margins and no financing dependencies. |
| Jan 17 2023 | 2022 Q4 | - | - | - | |
| Oct 17 2022 | 2022 Q3 | - | - | - | |
| Jul 15 2022 | 2022 Q2 | - | - | - | |
| Apr 14 2022 | 2022 Q1 | - | - |
OR WPM |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
OilThe U.S.-Iran war has severely disrupted oil flows through the Strait of Hormuz, which normally handles 20% of global oil supply. Iranian attacks on energy infrastructure and the closure of this critical waterway have created significant supply constraints and price increases. |
Oil Energy Strait of Hormuz Supply Iran |
AIArtificial Intelligence is creating competitive threats to existing software business models as AI-produced systems can easily replicate traditional software. This uncertainty led to the S&P 500 software sector declining over 20% in Q1 2026. |
AI Software Technology Disruption Competition | |
Private CreditThe private credit sector faces growing distress as redemption requests increase and several high-profile funds have restricted withdrawals. The underlying credit quality concerns and illiquidity issues pose risks of broader economic spillover effects. |
Private Credit Credit Stress Redemptions Liquidity Distress | |
QualityAvenue focuses on owning high-quality businesses with inherent stability in profitability and consistent returns on invested capital. This quality approach provides resilience during periods of market uncertainty and geopolitical turmoil. |
Quality Stability Returns Capital Resilience | |
| 2025 Q4 |
Defense SpendingCanada announced significant defense spending increases to reach 2% NATO target in 2026 and 5% of GDP by 2035. This represents a potential sea change in investment levels for Canada, with cumulative defense spending over the next decade creating substantial infrastructure investment opportunities. |
NATO Military Infrastructure Government |
AIThe AI capital cycle has driven technology sector spending from $100 billion in 2020 to over $400 billion expected in 2026. However, this massive investment will drive rates of return on capital lower due to depreciation of physical infrastructure over 5-8 years, lowering overall profitability. |
Data Centers Capital Cycle Technology Investment | |
Infrastructure SpendingCanada's pivot toward infrastructure investment, including energy sector development and regulatory reform, creates opportunities for businesses like Toromont Industries. The focus on reducing regulatory timelines to maximum 2-year approvals and prioritizing key infrastructure investments represents a positive shift. |
Construction Equipment Regulatory Investment | |
Trade PolicyU.S. tariffs announced in early 2025 pushed average tariff rates to levels not seen in over 100 years. Tariffs are now a permanent reality for the global economy, serving as both an economic shock and wake-up call for Canada to fix past policy mistakes. |
Tariffs Global Trade Economic Policy | |
Energy TransitionThe Memorandum of Understanding between Federal Government and Alberta aims to increase oil and gas production while reaching carbon neutrality by 2050. Focus on reducing emissions intensity of Canadian heavy oil production to best in class while meeting AI data center electricity needs. |
Oil Gas Carbon Alberta | |
| 2025 Q3 |
GoldGold has reached $4,000 per ounce, up more than 50% in 2025, marking the best year for gold in modern history. The rise is driven by historically elevated government debt levels and central banks rapidly accumulating gold following geopolitical tensions after the Russian invasion of Ukraine. |
Gold Safe Haven Inflation Central Banks Debt |
Gold RoyaltiesAvenue holds core positions in Osisko Gold Royalties and Wheaton Precious Metals as royalty businesses that provide steady cash flows without operational risks. These companies offer diversified exposure across top mining jurisdictions and benefit from the strong gold price environment. |
Royalties Mining Cash Flow Diversification Jurisdiction | |
InflationGovernment debt levels at historic highs create only two solutions: fiscal austerity or inflationary policies. Inflationary policies are the path of least resistance politically, making gold an important hedge against the eventual higher levels of inflation expected over the next decade. |
Inflation Debt Fiscal Policy Monetary Policy Hedge | |
| 2025 Q2 |
InflationThe letter extensively analyzes how different businesses are impacted by inflation, using Warren Buffett's 1983 analysis comparing See's Candies to mundane businesses. The manager examines how businesses requiring minimal tangible assets fare better during inflationary periods than asset-heavy businesses that need substantial ongoing capital investments. |
Inflation Tangible Assets Capital Investment Pricing Power Asset Heavy |
QualityThe manager emphasizes investing in high-quality companies with superior long-term economics, specifically highlighting businesses that require minimal tangible assets and can generate consistent growing cash flows. The focus is on companies with strong competitive moats and pricing power. |
Quality Superior Economics Cash Flow Competitive Moats Long Term | |
| 2025 Q1 |
QualityAvenue focuses on investing in businesses with consistent profitability and stable characteristics that are likely to be doing the same activity 10 years from now. They favor companies with strong competitive advantages, high returns on capital, and the ability to reinvest profits at good rates of return. |
Stability Profitability Returns Competitive Reinvestment |
Discount RetailBJ's Wholesale Club provides 25% savings compared to traditional supermarkets through their membership warehouse model. The business thrives on providing high quality value to loyal customers with over 90% membership retention, particularly attractive in an inflation-plagued era. |
Membership Value Warehouse Savings Retention | |
LogisticsTFI International operates in truckload, less-than-truckload, and logistics throughout North America. The trucking industry has underlying stability from growing e-commerce demand and consolidation, with dominant positions accruing to companies with the best scale and distribution networks. |
Trucking Network Scale Distribution E-commerce | |
| 2024 Q4 |
Trade PolicyThe Trump administration is expected to focus on addressing structural trade imbalances with China through tariffs and potential declaration of national economic emergency. China's mercantilist practices and overcapacity issues have created extreme global trade imbalances that require correction. |
Tariffs China Trade War Overcapacity Mercantilism |
InflationInflation was identified as a key factor in the 2024 election results, with voters significantly harmed by inflation supporting Trump by a 7-to-1 margin. The loss of pandemic-era financial support programs left Americans with higher prices but no offsetting benefits. |
Election Voters Pandemic Support Economic Impact Political | |
QualityAvenue focuses on quality investing by owning businesses with consistent profitability characteristics. They seek companies that earn good returns on capital, have minimal ongoing capital needs, and either reinvest profits at good rates or return them through dividends. |
Returns Capital Dividends Profitability Cash Flows | |
| 2024 Q3 |
QualityAvenue defines their investing style as quality investing, pursuing companies with high-quality characteristics including good returns on capital, low capital intensity that is internally financed, and the ability to reinvest in the business at good rates of return. They focus on businesses that can grow profits over time through reinvestment or return capital to investors through dividends and share repurchases. |
Returns on Capital Capital Allocation Reinvestment Profitability Business Quality |
Auto AftermarketAutoZone serves as their primary case study, representing a stable business with dominant market position selling essential products. The company has stable demand dependent on vehicle miles driven and average age of used cars, with strong brand loyalty and disciplined capital allocation. Over four years, AutoZone generated $15.8 billion in profits, reinvesting $3.6 billion while returning $13.6 billion through share repurchases. |
Vehicle Miles Used Cars Essential Products Market Dominance Brand Loyalty | |
| 2024 Q2 |
Trade PolicyThe letter extensively discusses global trade imbalances, particularly focusing on China's mercantilist policies and the resulting trade war escalation. The manager highlights how NAFTA and China's currency devaluation created structural distortions, leading to current tariff implementations by both Trump and Biden administrations. |
Tariffs NAFTA China Mercantilism Currency |
Data CentersThe portfolio benefited from investments related to data center construction driven by large fiscal spending in the US. This theme is connected to the AI boom and infrastructure investment trends that have supported certain holdings. |
Infrastructure Construction Fiscal Spending Grid | |
AIThe letter identifies artificial intelligence and semiconductor trends as the latest manifestation of financial market euphoria, with Nvidia representing the extreme demand for US assets. The manager views this as part of a broader bubble dynamic. |
Semiconductors Nvidia Technology Bubble | |
| 2024 Q1 |
InflationAvenue expects a prolonged period of higher inflation driven by persistent government fiscal spending. They draw parallels to the 1970s inflation cycle, noting that current fiscal policies create demand push effects across the economy. The manager believes inflation will be higher than it otherwise would be due to continued government spending patterns. |
Fiscal Spending Government Debt Monetary Policy 1970s Arthur Burns |
RatesThe firm anticipates meaningfully higher interest rates as a counterbalance to fiscal spending. They view interest rates as Force B responding to government fiscal spending as Force A, with bond issuance to fund deficits pushing rates upward. Higher rates are expected to persist and impact asset valuations significantly. |
Interest Rates Bond Issuance Federal Reserve Monetary Policy Valuations | |
QualityAvenue focuses on businesses with three key criteria: simple and understandable operations, pricing power to raise prices without demand destruction, and low capital requirements with minimal external financing needs. Their portfolio targets companies with high returns on capital and tangible assets that can navigate inflationary environments. |
Pricing Power Return On Capital Capital Allocation Business Quality Competitive Moats | |
| 2023 Q4 |
InflationInflation is identified as the biggest threat to future consumption and purchasing power. The letter extensively discusses the history of inflation in Canada, showing how consumer prices rose 2.1% annually from 1915-1950 and close to 4% annually from 1970 to today, with the shift to fiat currencies in 1971 being a key inflection point. |
Fiat Currency Consumer Prices Purchasing Power Gold Standard |
QualityAvenue's core investment philosophy centers on owning high-quality companies that are consistently profitable, earn good returns on capital, and can reinvest at good rates of return. Quality businesses are viewed as the best protection against inflation and superior to both value and growth strategies over the long term. |
Returns On Capital Profitable Reinvestment Fair Prices | |
RatesThe letter discusses the sharp rise in interest rates by central banks to combat inflation, with the final hike likely occurring in July 2023. Market expectations for rate cuts in 2024 are analyzed, with historical precedent showing that rate cutting cycles have often marked equity market tops in previous cycles. |
Federal Reserve Bank Of Canada Rate Cuts Monetary Policy | |
| 2023 Q3 |
VolatilityManager expects return to higher volatility periods similar to mid-1960s to mid-1970s where portfolios could swing from up 20% one year to down 15% the next. Recent 15-year period of mostly positive returns with only occasional bad years is viewed as abnormal. |
Market Timing Risk Management Historical Returns Price Swings |
RatesHigher interest rates are finally having impact on inflation and economy. Real interest rates are positive for first time in 15 years, which will slow and reverse asset price inflation. Manager watching 2-year vs 10-year bond yield spread as recession indicator. |
Interest Rates Inflation Bond Yields Recession Indicator | |
ValueStrategy focuses on underweighting expensive stocks and sectors while overweighting areas where value is found. Current US investments trade at 15 times earnings versus big tech at 40 times earnings. Approach aims to find best return for least risk. |
Valuation Earnings Multiples Risk Adjusted Returns Sector Allocation | |
| 2023 Q2 |
QualityAvenue emphasizes their quality investing strategy focused on identifying the best stand-alone compounding businesses and investing when they trade at fair prices. They believe quality businesses will compound earnings and share prices with better long-term predictability than trend-based strategies. |
Quality Compounding Earnings Value |
ValuationsThe manager highlights extreme valuation disparities in the market, with big tech companies trading at expensive multiples while many quality businesses trade at reasonable valuations. They emphasize the importance of not paying too much for even good businesses. |
Valuations Multiples Fair Price Margin of Safety | |
RatesHigher interest rates are creating challenges for traditional dividend-paying stocks in real estate, energy infrastructure, and utilities due to higher cost of capital and debt refinancing pressures. However, higher rates benefit their bond portfolio returns. |
Interest Rates Cost of Capital Credit Bonds | |
| 2023 Q1 |
Credit StressBanking system experiencing stress from deposit flight to treasury bills and inverted yield curve. Bank runs led to failures requiring central bank intervention. Credit contraction expected as banks tighten lending standards and face difficulty refinancing existing debt. |
Banking Crisis Deposit Flight Credit Contraction Lending Standards Interest Rates |
LiquidityCompeting monetary forces with central banks raising rates while government deficit spending provides excess liquidity. M2 money supply contracted for first time since 1930s. Federal deficit spending continues supplying financial markets with money despite restrictive monetary policy. |
Money Supply Deficit Spending Central Bank Financial System Monetary Policy | |
Regional BanksSilicon Valley Bank failure highlighted arbitrary protection policies for smaller banks versus too-big-to-fail institutions. Regional banks face deposit outflows and interest rate volatility. Credit Suisse resolution ignored fundamental rules of capitalism with bond holders wiped out before equity. |
Bank Failures Deposit Insurance Too Big To Fail Financial Regulation Systemic Risk | |
RatesInterest rate hikes mostly over with expectations for decreases from February highs. Inverted yield curve signals end of economic cycle. Banks experiencing extreme volatility in 2s-30s spread with 6 standard deviation moves after SVB bailout. |
Interest Rates Yield Curve Federal Reserve Rate Cuts Monetary Tightening |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jul 18, 2023 | Fund Letters | Avenue Investment Management | AAPL | Apple Inc. | Technology Hardware, Storage & Peripherals | Technology Hardware, Storage & Peripherals | Bear | NASDAQ | China Manufacturing, consumer electronics, large-cap, overvalued, Smartphones, technology hardware, Trade Tensions, Valuation risk | Login |
| Jul 18, 2023 | Fund Letters | Avenue Investment Management | ENB.TO | Enbridge Inc. | Oil, Gas & Consumable Fuels | Oil & Gas Storage & Transportation | Bear | Toronto Stock Exchange | Canadian Dividend, cost overruns, Debt Concerns, energy infrastructure, Equity Dilution, Oil & Gas Transportation, Pipeline infrastructure, regulatory headwinds | Login |
| Feb 5, 2026 | Fund Letters | Bryden Teich | TIH CN | Toromont Industries Ltd | Industrials | Construction & Engineering | Bull | New York Stock Exchange | aftermarket, CapEx, compounding, infrastructure, machinery, Rentals, ROIC | Login |
| Oct 16, 2025 | Fund Letters | Bryden Teich | OR | Osisko Gold Royalties Ltd. | Materials | Precious Metals & Minerals | Bull | TSX | cash flow, dividends, Gold, inflation hedge, NAV discount, royalties, valuation | Login |
| Oct 16, 2025 | Fund Letters | Bryden Teich | WPM | Wheaton Precious Metals Corp. | Materials | Precious Metals & Minerals | Bull | TSX | AI data centers, Gold, inflation, royalties, Silver, Solar, Streaming | Login |
| Oct 16, 2025 | Fund Letters | Bryden Teich | OR | Osisko Gold Royalties Ltd. | Materials | Precious Metals & Minerals | Bull | TSX | cash flow, dividends, Gold, inflation hedge, NAV discount, royalties, valuation | Login |
| Oct 16, 2025 | Fund Letters | Bryden Teich | WPM | Wheaton Precious Metals Corp. | Materials | Precious Metals & Minerals | Bull | TSX | AI data centers, Gold, inflation, royalties, Silver, Solar, Streaming | Login |
| Jul 23, 2025 | Fund Letters | Avenue Investment Management | CSU.TO | Constellation Software Inc. | Information Technology | Systems Software | Bull | Toronto Stock Exchange | Acquisitions, asset-light, capital efficiency, Inflation-Resistant, Mission-Critical, Software, technology, Vertical Markets | Login |
| Jul 23, 2025 | Fund Letters | Avenue Investment Management | BCE.TO | BCE Inc. | Communication Services | Integrated Telecommunication Services | Bear | Toronto Stock Exchange | 5G infrastructure, Asset-Heavy, Canada, capital-intensive, Cash Flow Deficit, dividend cut, regulated utility, telecommunications | Login |
| Apr 15, 2025 | Fund Letters | Avenue Investment Management | BJ | BJ's Wholesale Club | Consumer Staples | Hypermarkets & Super Centers | Bull | NYSE | capital allocation, consumer staples, defensive, membership model, Membership warehouse, New England, retail, Share Buybacks, Value retail, Warehouse club | Login |
| Apr 15, 2025 | Fund Letters | Avenue Investment Management | TFII.TO | TFI International | Industrials | Trucking | Bear | TSX | acquisition, Canada, Cyclical, Less-than-truckload, Logistics, Ltl, network effects, operating leverage, Transportation, Trucking | Login |
| Oct 18, 2024 | Fund Letters | Avenue Investment Management | AZO | AutoZone Inc | Consumer Discretionary | Automotive Retail | Bull | NYSE | aftermarket, automotive, capital allocation, consumer staples, defensive, High Returns on Capital, Quality, retailer, share repurchases, US | Login |
| Jul 15, 2024 | Fund Letters | Avenue Investment Management | WIRE | Encore Wire Corporation | Materials | Electrical Components & Equipment | Bull | NYSE | acquisition, construction, Copper, data centers, Electric Grid, infrastructure, manufacturing, materials, Value, Wiring | Login |
| TICKER | COMMENTARY |
|---|---|
| CNQ | One investment that has benefited from the rise in oil prices is Calgary-based Canadian Natural Resources (CNQ). This is an investment we have owned in the Avenue portfolio since 2014. CNQ is one of the highest quality energy producers in the world with an extremely low-cost profile. This means that the business can earn consistent profits in almost any oil price environment. |
| MUSA | Another company that is in a strong position to provide value to their customers in the current oil price environment is Murphy's (MUSA). We have owned shares in Murphy's since 2022, and they are an Arkansas-based gas station chain. The vast majority of Murphy's locations are situated near Walmart parking lots which provide a steady base of customers. Murphy's provides discount gas to its customers and in a rising gas price environment we expect the business to provide an essential price advantage to their customers. |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
